anyone here in the market for an 18 year old VLCC?
By Emirates 24/7
Samho Crown, a South Korean crude oil tanker that was stranded in Dubai in 2011, is going up for sale in an online auction.
Currently, docked between Port Rashid and Drydocks World, the vessel, built by Hyundai Heavy Industries in 1996, will be auctioned on Sunday (May 18, 2014) with the reserve price set at US$22 million (Dh81.4 million). The minimum increment is US$27,225 (Dh100,000).
The tanker will be sold as is on its place. There are currently three bidders registered with Emirates Auction. The winning bidder can sell the tanker as scrap or refurbish it.
When stranded in Dubai, the tanker had a crew of 28. Though the exact number of crewmembers onboard is unclear, most of the crew was repatriated following payment of their dues.
The ship’s owner, Samho Shipbuilding, based in South Korea, went into bankruptcy in 2012. A court decided in February 2012 to end Samho’s court receivership since the yard seemed unlikely to recover.
Samho Shipping, the shipyard’s parent company, requested court receivership in April 2011, faced with management difficulty as order contracts fell. This is also the same company that paid a US$9 million ransom to Somali pirates back in 2010.
If you do end up buying her just make sure you remember your ol’ uncle c.captain. My Cayman Islands bank routing info gladly furnished…